March 5, 2019 / 10:13 AM / 17 days ago

SE Asia Stocks-Most fall as China cuts growth target; Indonesia top loser

    * Singapore snaps two straight sessions of gains
    * Malaysia key policy rate unchanged at 3.25 pct 

    By Shriya Ramakrishnan
    March 5 (Reuters) - Most Southeast Asian stock markets
declined on Tuesday after China trimmed its economic growth
target for the year amid rising debt and a long-drawn trade
dispute with the United States.
    China, Southeast Asia's largest trading partner, is
targeting economic growth of 6.0 to 6.5 percent in 2019,
compared with 6.5 percent last year, and sought to offer more
stimulus through planned tax cuts and increases in
infrastructure spending and lending to small firms, to shore up
its slowing economy.
    Indonesian shares were Southeast Asia's top losers,
shedding about 0.7 percent to a more than two-week closing low.
    Consumer stocks were the biggest drags. Clove cigarette
maker Hanjaya Mandala Sampoerna Tbk PT dropped 1.5
percent, while Unilever Indonesia Tbk PT fell 0.7
percent.
    An index of the 45 most liquid stocks in the country
 closed 1 percent lower.
    Philippine shares closed almost flat after starting
the day higher on data showing annual inflation eased to a
one-year low last month.
    Philippine President Rodrigo Duterte on Monday named his
budget secretary Benjamin Diokno as the central bank governor, a
decision which could spur a faster move to easier policy this
year with Diokno largely seen as pro-growth.

    Rachelle C Cruz, an analyst with Manila-based AP Securities,
said there were expectations that the government may prioritise
growth over inflation and that the uncertainty over the same has
driven investors to the sidelines.
    Diokno has been part of Duterte's economic team that has
been running an expansionary budget to deliver on an ambitious
$180 billion infrastructure revamp central to his promises to
attract investment, create jobs and lift economic growth. 
    Singapore shares snapped two consecutive sessions of
gains, with all sectors in the negative territory.
    Malaysian shares declined for a sixth straight
session, dragged by utility and consumer stocks.
    Electricity retailer Tenaga Nasional Bhd and
Nestle (Malaysia) Bhd dropped 1.2 percent each.  
    Malaysia's central bank kept its key interest rate unchanged
at 3.25 percent on Tuesday, as expected, expressing confidence
that the economy can stay on a "steady growth path" despite
multiple continued risks including unresolved trade tensions.

    Thai shares rose 0.2 percent, supported by gains in
industrial and energy stocks.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS    
 Market                 Current  Previous close  Pct Move
 Singapore              3234.07  3251.08         -0.52
 Bangkok                1639     1635.3          0.23
 Manila                 7670.62  7675.47         -0.06
 Jakarta                6441.28  6488.42         -0.73
 Kuala Lumpur           1685.62  1693.99         -0.49
 Ho Chi Minh            992.45   993.99          -0.15
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3234.07  3068.76         5.39
 Bangkok                1639     1563.88         4.80
 Manila                 7670.62  7,466.02        2.74
 Jakarta                6441.28  6,194.50        3.98
 Kuala Lumpur           1685.62  1690.58         -0.29
 Ho Chi Minh            992.45   892.54          11.19
 
 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by
Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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